Why Bloom Energy Stock Is Down Today After Gaining 32% Tuesday
Shares of fuel cell maker Bloom Energy (NYSE: BE) were down 9.2% as of 12:19 p.m. EDT on Wednesday, and were down as much as 12% in morning trading. Today's decline is a sharp reversal from yesterday, when the company's stock rocketed as much as 34% higher and closed up more than 31%.
Today's sell-off is not that unusual for a speculative stock like Bloom. The company made a big announcement over the weekend that drove yesterday's big gains, disclosing that it was partnering with Samsung Heavy Industries, one of the world's biggest shipbuilders, to develop ships powered by fuel cells.
There's a good reason this announcement sent Bloom Energy shares up sharply. According to the release, this partnership could result in 300 megawatts of new fuel cell shipments per year, almost as much as the 380 MW of fuel cells the company deployed in 2019.
Source Fool.com
